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Winnipeg Free Press - PRINT EDITION
GWL settles with bilked ex-clients
Great-West Life has settled with five individuals who lost their life savings to an agent who used to work for the company.
The financial settlement prompted the cancellation of a Manitoba Securities Commission hearing this week probing Great-West Life's financial obligations to the five unnamed individuals.
A spokeswoman for the Manitoba Securities Commission said the hearing was cancelled after learning Great-West Life had reached a settlement with the five.
Terms of the settlement were not released.
A Great-West Life spokeswoman said the company would not comment.
The five individuals were among a dozen clients of disgraced financial planner Gary Palmer, who pleaded guilty to 15 counts of fraud, involving the theft of $1.5 million from his clients during a 10-year-period from 1997 to 2006.
Instead of investing the funds, Palmer spent his clients' money for his own personal use.
Palmer, who was employed by Great-West Life during the time of the frauds, was sentenced to eight years in prison in November 2010.
Several of the clients have initiated civil actions against Great-West Life but five clients opted to file a complaint with the Manitoba Securities Commission.
Provincial legislation restricts individuals victimized in such a manner to seek compensation either through a civil action or through the securities commission, but not both.
The securities commission has set a hearing for May 16 into Palmer's activities.
-- staff
Republished from the Winnipeg Free Press print edition April 20, 2012 B3
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